Gaming briefs for August 26, 2004

Thursday, Aug. 26, 2004 | 10:42 a.m.

Shareholders to vote on plan to go private

PDS Gaming Corp. has scheduled a shareholder meeting Sept. 23 to vote on a proposal to take the company private. A majority of shares not owned by the management group must approve the buyout.

The transaction would be worth about $10.5 million, assuming 3.8 million shares outstanding and a price of $2.75 per share, said Peter Cleary, chief financial officer for PDS Gaming. The ownership group also would assume about $120 million in debt.

The company announced in April that it had agreed to a plan by company executives Johan Finley, Lona Finley and Cleary to acquire all of the company's outstanding stock.

The proposal was announced in February 2003 and the company's board of directors and a special committee of the board have unanimously approved the plan.

PDS primarily finances and leases gaming equipment to casinos nationwide. Shares of PDS Gaming were up 6 cents to $1.91 in midday trading today.

Track opens at Charles Town

CHARLES TOWN, W.Va. -- Charles Town Races & Slots has opened a new $8 million thoroughbred racing track that will allow for longer, more competitive races.

The track, which opened Wednesday night after being closed for about three weeks to allow for construction, lengthens races to 7 1/2 furlongs instead of six furlongs. A furlong is a one-eighth of mile.

"I think all the horsemen are tickled to death," said Jim Casey, a horse breeder who lives in Jefferson County. "We got exactly what the horsemen wanted."

The improvements also included new lighting, a new racing surface, new drainage system and banking the turns. A concrete base under the old racing surface, which made it difficult for water to drain from the track following rains, also was replaced.

Penn National Gaming Inc., the owner of the track, also plans to build a three-eighths-of-a-mile training track on property it owns and four new barns, track officials said.